Note: The appropriations amounts listed provide the
federal subsidy costs associated with new Direct Loans
each fiscal year. It is the volume of loans made, however,
that is often more relevant to those seeking student
aid. Loan volume, including Direct Consolidation
Loans, was $42.3 billion in FY 2009, $101.8 billion
in FY 2010, and is estimated to be $135.6 billion in
FY 2011.

The Direct Loan Program costs are estimated consistent
with the Federal Credit Reform Act of 1990. A negative
subsidy occurs when the present value of cash inflows to
the government is estimated to exceed the present value
of the outflows. In FY 2009, FY 2010, and FY 2011, the
Direct Loan Program reflects a total negative subsidy
due, in part, to reduced discount rates that lower the
federal government’s borrowing costs, while borrower
repayments contribute to increased cash flows as
collections to the federal government, helping to offset
federal costs.

Amount of Aid Available represents the amount of funds
awarded to participate in this program. This total includes
federal loan capital.

Number of New Awards Anticipated: 24,265,840Average New Award: $5,590

2010

Amount of Aid Available: $88,359,371,000
Amount of Aid Available represents the amount of funds awarded to participate in this program. This total
includes federal loan capital.

Number of New Awards Anticipated: 15,232,000Average New Award: $5,801

Loan Type

Amount of Aid Available

Number of New Loans Anticipated

Average Award

Award Range

Direct Stafford

$27,706,905,000

6,801,000

$4,074

Up to $8,500

Direct Unsubsidized Stafford

$33,680,309,000

7,007,000

$4,807

Up to $20,500

Direct PLUS

$12,141,876,000

983,000

$12,349

Cost of attendance less other aid.

Direct Consolidation

$14,830,281,000

441,000

$33,658

n/a

2009

Amount of Aid Available: $38,267,148,000
Amount of Aid Available represents the amount of funds awarded to participants in the Federal Student Aid programs. Depending upon the program, this total may include federal appropriated dollars, institutional or state matching dollars, and federal or private loan capital.

Number of New Awards Anticipated :

Loan Type

Amount of Aid Available

Number of New Loans Anticipated

Average Award

Award Range

Direct Stafford

$8,463,896,000

2,047,000

$4,134

Up to $8,500

Direct Unsubsidized Stafford

$9,596,055,000

2,150,000

$4,464

Up to $20,500

Direct PLUS

$3,775,715,000

339,000

$11,122

Cost of attendance less other aid.

Direct Consolidation

$16,431,482,000

470,000

$34,980

n/a

2008

Amount of Aid Available: $18,220,000,000
Amount of Aid Available represents the amount of funds awarded to participants in the Federal Student Aid
programs. Depending upon the program, this total may include federal appropriated dollars, institutional or state
matching dollars, and federal or private loan capital.

Number of New Awards Anticipated :

Loan Type

Amount of Aid Available

Number of New Loans Anticipated

Average Award

Award Range

Direct Stafford

$6,248,000,000

1,526,000

$4,093

Up to $8,500

Direct Unsubsidized Stafford

$5,307,000,000

1,086,000

$4,887

Up to $20,500

Direct PLUS

$2,549,000,000

245,000

$10,410

Cost of attendance less other aid.

Direct Consolidation

$4,116,000,000

176,000

$23,396

n/a

2007

Amount of Aid Available: $18,062,000,000
Amount of Aid Available
represents the amount of funds awarded to participants in the Federal Student
Aid programs. Depending upon the program, this total may include federal appropriated
dollars, institutional or state matching dollars, and federal or private loan
capital.